Massive XRP Whale Sells 31 Million Dollars on Exchanges, Threatening a Drop Below 0.6 Dollars

Crypto News- In a recent market update provided by Whale Alert, a prominent blockchain tracking platform, an unidentified wallet has made a significant transfer of XRP tokens to the centralized exchanges (CEX) Bitstamp and Bitso.

The movement of this substantial amount of XRP tokens has captured the attention of both investors and traders. On November 3, 2023, this anonymous whale moved more than 50 million XRP tokens to the two CEXs.

Massive XRP Whale Sells 31 Million Dollars on Exchanges, Threatening a Drop Below 0.6 Dollars

In a series of transactions today, an undisclosed wallet with the address 4wf7enWPx…5XgwHh4Rzn carried out a substantial transfer of 25.4 million XRP tokens, equivalent to over $15.42 million, to Bitso, a prominent digital asset exchange platform. Furthermore, the same wallet address transferred millions of XRP tokens to Bitstamp, another well-known cryptocurrency exchange platform. As of the latest data, the wallet moved an additional 25.4 million XRP tokens, worth approximately $15.42 million, to Bitstamp.

These large-scale transactions from whale accounts to centralized exchanges have raised concerns about a potential sell-off of XRP tokens, potentially leading to a decline in the XRP price.

While the XRP price experienced a notable 8.89% increase over the past week, it is currently down by 1.25%, hovering around $0.6003. This recent price surge aligns with the progress made by Ripple Labs in strengthening support for the community.

Earlier today, Coingape Media reported Ripple’s plans to collaborate with the National Bank of Georgia to advance the Digital Lari pilot. This partnership has the potential to shape a positive future for XRP, although the current price remains relatively low.

The reshuffling of XRP tokens by whales has become a common occurrence in recent days, reflecting the growing support for the token within the community. Investors and traders are closely monitoring these recent XRP transactions, with hopes of an upward trend.